Prime Minister Shaukat Aziz has approved trade policy for 2007-08, which envisages 10-12 percent growth in exports, official sources told Business Recorder. The trade policy will be announced on July 17, after formal approval by the Cabinet.
However, the Prime Minister did not clear some proposals of Commerce Ministry, and directed it to improve them, keeping interests of local industry in view. Sources said that the Prime Minister was not happy with the performance of Commerce Ministry, especially in not achieving 2006-07exports target of $17.8 billion.
The Prime Minister, who chaired an inter-ministerial meeting in the Prime Minister House on Friday evening, said that the government was also focusing on skills development and on reducing the cost of doing business to achieve the target of $40-45 billion exports by 2013.
He said that the initiatives taken under National Trade Corridor Plan to simplify procedures, reduce clearing time at ports, airports and borders and to reduce end-to-end delivery time for goods had increased the competitiveness of the products thus increasing exports.
"It is important to build brands, work on the existing strengths and create competitive advantage internationally," he said, adding that the trade policy should promote national brands to increase exports of value-added goods. He also directed that Trade Development Authority of Pakistan (TDAP) should pursue an aggressive marketing strategy with a focused approach to diversify and increase exports.
He said that the policy should emphasise both intermediate and long-term plans to develop consistency and achieve the desired exports targets and sustained economic development. The Prime Minister further said that besides improving the quality of products for existing markets the policy needed to cater for the needs and demands of new markets.
"Trade policy should facilitate all areas of manufacturing sector with a view to produce quality goods for both local and international markets to strengthen our economy," he said. Commerce Secretary Asif Shah made a presentation about the proposals received from various Ministries/Divisions to be incorporated in the trade policy.
Extensive discussions were held on each proposal with positive suggestions to further improve upon various proposals, said a press release. The meeting was attended among others by Commerce Minister Humayun Akhtar Khan, Minister for Industries and Production Jehangir Khan Tareen, Minister for Food and Agriculture Sikandar Hayat Khan Bosan, Minister for Health Muhammad Nasir Khan, Advisor to Prime Minister on Finance Dr Salman Shah, Planning Commission Deputy Chairman Dr Akram Sheikh, State Bank Governor Dr Shamshad Akhtar, TDAP Chief Executive and other officials.
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